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2047 Ivar Ave

Los Angeles, CA 90068
  • $2,595,000
  • STATUS: Active
  • ON SITE: 63 Days
  • MLS #: 22-138526
UPDATED: 37 min ago
$2,595,000
  • 9
    BEDS
  • 0.14
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 5,393
    SQFT
  • $481
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1921
County:

School Ratings & Info

Description

We are proud to present a truly unique opportunity located at 2047 Ivar Avenue, which is a one of a kind 4 plex nestled in the quiet and charming residential streets of the famous Hollywood Hills. Due to its central location, tenants are within one mile of some of the most prominent Hollywood attractions such as the Hollywood Bowl, the world-renowned Magic Castle, the Hollywood Boulevard strip, and countless options for dining and shopping. The building is also conveniently located within a few blocks from the 101-freeway onramp, allowing for quick access to get to Downtown LA if going Southbound, or quickly get to Universal City, Studio City, Burbank, and the rest of the San Fernando Valley going Northbound.Built in 1921, the property sits on a 0.14 acre lot with magnificent city views overlooking Hollywood. The building boasts a large footprint of 5,393 gross sqft spread across three stories, and it has a good unit mix of (1) 1 bed / 1 bath unit, (1) 2 bed / 1 bath unit, and (2) 3 bed / 2 bath units. The units attract high-end renters due to their original wood floors, laundry hook ups, and private patios/back yards for the tenants to enjoy. Additionally, the property offers 6 total parking spaces available for the 4 units.Current ownership has done a great job maintaining the property and making sure the building holds its charm. Over the course of 21 years, ownership has spent close to $700k in capital improvements and approximately $150k in the last two years alone. A few notable improvements include a new roof, an extensive retaining wall to support the structure and integrity of the building, a 4-car garage, copper plumbing throughout, new gas lines, electrical panels, 5 new water heaters and custom patio decks.This offering provides an incredible opportunity for a first-time buyer or seasoned investor to own a unique piece of real estate in the highly coveted neighborhood of Hollywood Dell. First-time buyers can take their first step into owning L.A. real estate as an owner/user with a minimal down payment and a smaller barrier to entry compared to single family homes. While seasoned investors can use this as an opportunity to capitalize on the potential future income that is attainable through unit turnover and remodel.

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Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-05-24T07:42:43.297. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
www.markwiseproperties.com/homes/126928936
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2047 Ivar Ave Los Angeles, CA 90068

  • Price: $2,595,000
  • Status: Active
  • On Site: 63 Days
  • Updated: 37 min ago
  • MLS #: 22-138526
9
Beds
0
Baths
0
½ Baths
0.14
Acres
5,393
SQFT
$481
$/SQFT
1921
Built
Neighborhood:
Hollywood Hills East
County:
Los Angeles
Area:
Hollywood Hills East
Property Description
We are proud to present a truly unique opportunity located at 2047 Ivar Avenue, which is a one of a kind 4 plex nestled in the quiet and charming residential streets of the famous Hollywood Hills. Due to its central location, tenants are within one mile of some of the most prominent Hollywood attractions such as the Hollywood Bowl, the world-renowned Magic Castle, the Hollywood Boulevard strip, and countless options for dining and shopping. The building is also conveniently located within a few blocks from the 101-freeway onramp, allowing for quick access to get to Downtown LA if going Southbound, or quickly get to Universal City, Studio City, Burbank, and the rest of the San Fernando Valley going Northbound.Built in 1921, the property sits on a 0.14 acre lot with magnificent city views overlooking Hollywood. The building boasts a large footprint of 5,393 gross sqft spread across three stories, and it has a good unit mix of (1) 1 bed / 1 bath unit, (1) 2 bed / 1 bath unit, and (2) 3 bed / 2 bath units. The units attract high-end renters due to their original wood floors, laundry hook ups, and private patios/back yards for the tenants to enjoy. Additionally, the property offers 6 total parking spaces available for the 4 units.Current ownership has done a great job maintaining the property and making sure the building holds its charm. Over the course of 21 years, ownership has spent close to $700k in capital improvements and approximately $150k in the last two years alone. A few notable improvements include a new roof, an extensive retaining wall to support the structure and integrity of the building, a 4-car garage, copper plumbing throughout, new gas lines, electrical panels, 5 new water heaters and custom patio decks.This offering provides an incredible opportunity for a first-time buyer or seasoned investor to own a unique piece of real estate in the highly coveted neighborhood of Hollywood Dell. First-time buyers can take their first step into owning L.A. real estate as an owner/user with a minimal down payment and a smaller barrier to entry compared to single family homes. While seasoned investors can use this as an opportunity to capitalize on the potential future income that is attainable through unit turnover and remodel.
Exterior Features

Lot Size Area 6313 Other Structures None Parking Garage Garage Total Parking 6

Interior Features

Baths Total 6.00 Cooling Other Equipment Other Heating Other

Property Features

Assessed Total Value 829387 Gross Income 147432 Gross Operating Income 143009 Like Units1 1 Like Units2 1 Like Units3 2 Net Operating Income 99133.00 Number Of Buildings 1 Number Of Units 4 Sale Type Standard Source Living Area Other Source Lot Size Area Vendor Enhanced Total Annual Expense 43876 Type Of Units Market Year Built Source Vendor Enhanced Zoning Lard2

Listing provided courtesy of Filip Niculete DRE#01905352 of Marcus & Millichap.


Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-05-24T07:42:43.297. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
 
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Mark Wise | Bennion Deville Homes
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